Joe Tidy

But the Bybit heist dwarfs all previous financial hacks. So how was it pulled off? Like all crypto exchanges, Bybit has a float of crypto coins ready to be sold and swapped in so-called hot wallets. When the hot wallets are running low, more crypto coins are taken out of huge reserve pots called cold wallets that are kept super secure and offline, therefore safe from hackers.

But the Bybit heist dwarfs all previous financial hacks. So how was it pulled off? Like all crypto exchanges, Bybit has a float of crypto coins ready to be sold and swapped in so-called hot wallets. When the hot wallets are running low, more crypto coins are taken out of huge reserve pots called cold wallets that are kept super secure and offline, therefore safe from hackers.

But the cybercriminals targeted a company called SafeWallet that Bybit uses to transfer coins from its reserve cold wallets to its hot wallets. Everything looked normal for Bybit as they set up the mega-transfer of Ethereum coins to the usual place, but the hackers had secretly changed the address that the coins were being sent to.

But the cybercriminals targeted a company called SafeWallet that Bybit uses to transfer coins from its reserve cold wallets to its hot wallets. Everything looked normal for Bybit as they set up the mega-transfer of Ethereum coins to the usual place, but the hackers had secretly changed the address that the coins were being sent to.

By the time they realised the coins had been sent to the criminals, it was too late. Bybit insisted that no customers would lose money. They've now replenished their reserves. But the company is, in its words, waging war on the hackers. They're offering bounties to anyone who can help track the stolen money as the hackers try and cash it out through crypto exchanges.

By the time they realised the coins had been sent to the criminals, it was too late. Bybit insisted that no customers would lose money. They've now replenished their reserves. But the company is, in its words, waging war on the hackers. They're offering bounties to anyone who can help track the stolen money as the hackers try and cash it out through crypto exchanges.

So far, 20 volunteers have been awarded a share of $4 million in rewards, but they're up against a skilled adversary.

So far, 20 volunteers have been awarded a share of $4 million in rewards, but they're up against a skilled adversary.

Crypto investigators Elliptic are experts at charting the movements of criminal crypto funds. Every transaction is published on a public blockchain. Dr Tom Robinson and his team have enormous, ever-changing graphs showing the web of transactions made by the hackers.

Crypto investigators Elliptic are experts at charting the movements of criminal crypto funds. Every transaction is published on a public blockchain. Dr Tom Robinson and his team have enormous, ever-changing graphs showing the web of transactions made by the hackers.

It's just an explosion of crypto in different directions.

It's just an explosion of crypto in different directions.

For years now, the US and allies have accused the country of orchestrating cybercrime. Names and photos of alleged North Korean hackers have been added to a cyber most wanted list. But unless they leave the country, the chances of them being arrested are very slim.

For years now, the US and allies have accused the country of orchestrating cybercrime. Names and photos of alleged North Korean hackers have been added to a cyber most wanted list. But unless they leave the country, the chances of them being arrested are very slim.

Sir Keir Starmer didn't just wait at the step of No. 10, as some prime ministers do, for President Zelensky to get out of his range rover and walk up the street. Instead, he walked down to him and the two leaders embraced. I think the UK prime minister certainly wanted to demonstrate his...

Sir Keir Starmer didn't just wait at the step of No. 10, as some prime ministers do, for President Zelensky to get out of his range rover and walk up the street. Instead, he walked down to him and the two leaders embraced. I think the UK prime minister certainly wanted to demonstrate his...

The warmth that he feels towards President Zelensky and his country, projecting the UK's unstinting support, as he said, for Ukraine. Of course, journalists here from across the world are throwing questions at largely President Zelensky, not Sir Keir Starmer, including, you know, can your relationship be better? repaired with Donald Trump and is a deal possible in Ukrainian peace?

The warmth that he feels towards President Zelensky and his country, projecting the UK's unstinting support, as he said, for Ukraine. Of course, journalists here from across the world are throwing questions at largely President Zelensky, not Sir Keir Starmer, including, you know, can your relationship be better? repaired with Donald Trump and is a deal possible in Ukrainian peace?

Now, President Zelensky did not answer that. The two men went inside and we've seen a little bit and heard a little bit of the start of their meeting, which was filmed by broadcasters. Interesting that they both talked about... Prime Minister Sir Keir Starmer talking about his and the UK's support for Ukraine, and Vladimir Zelensky being very appreciative of that.

Now, President Zelensky did not answer that. The two men went inside and we've seen a little bit and heard a little bit of the start of their meeting, which was filmed by broadcasters. Interesting that they both talked about... Prime Minister Sir Keir Starmer talking about his and the UK's support for Ukraine, and Vladimir Zelensky being very appreciative of that.